US Dollar Index Completes Bear Flag as Expected
The US Dollar Index completed its large-scale Bear Flag on the Daily Chart and I wanted to highlight this development to you and discuss what it might mean going forward.
SP500 Consolidates in Tight Range
After an amazing run-up off the early March lows, the S&P 500 is finally pausing to consolidate some of those gains. Let’s take a look at the current triangle consolidation forming and note key levels of support and resistance going forward.
Multiple Convergences Mark Intraday Low Lesson
Yesterday, May 21st offered an excellent opportunity to demonstrate how multiple confluences of non-correlated methods can lead to powerful intraday turning points – in this case, the absolute price low of the day. Let’s take a look at how we could have known with a high degree of confidence (but not certainty) that $88.25 was the absolute pivot low that preceded a powerful rally in the SPY (and similar structure to the QQQQ and DIA ETFs).
Perfect Intraday Elliott Wave Example and Lesson
The deeper I get into the Elliott Wave method, the more I am impressed with how frequent its patters show up across all timeframes almost identical to the teachings of Ralph Elliott 70 years ago. Let’s take a look at a perfect Elliott Wave pattern – complete with ideal fractal waves – on the intraday SPY for May 20 and 21.
On The Stock Market, Kris Allen, Contrary Opinion, & American Idol
What does Kris Allen’s ‘upset’ victory over Adam Lambert on the finals of American Idol have to do with the Stock Market, Trading, and Contrary Opinion? A lot – read on to find out more.
Update on the Gold Market May 21
Just as I was about to post an update on the Gold Market and the subsequent recent breakout, Adam Hewison also released a video update which I’ll add to this update.
Internal Divergences Fail to Confirm Morning Gap
I wanted to highlight a key structural point that many traders might have missed when evaluating this morning’s gap in the stock market. Let’s learn a quick lesson on market internals as sources of confirmation.
Midweek Glance of the SP500 May 20
With Wednesday being the midpoint of the week, let’s take a look at the current structure of the S&P 500 Index from a technical perspective to see where we are and where we might be heading.
Disciplined Investor: Dennis Gartman Interview Podcast
Andrew Horowitz of the Disciplined Investor Podcast series just posted an interview with commoditity trading wizard Dennis Gartman that I wanted to highlight to you. Entitled “Dennis Gartman is Investing in…. (page link)” (click this link to listen in iTunes), Andrew and Dennis discuss his current take on broad commodities as well as a discussion…
Quick Look at Monday’s Trend Day Up May 18
Wow – what a trend day up for Monday May 18th. Let’s look inside the intraday structure and try to learn some lessons from today’s Type III Trend Day action.